Release: APRIL 28, 2023
We humans are an inexplicably sentimental sort. Unlike every other form of living creature, we have emotional connections to inanimate things. We apply incomprehensible value to objects as valueless as rocks – and, no, not diamonds....
Consider the legions of people who, while on a trip of note, e.g., honeymoon, amass a collection of something as banal as stones. Each one might be from a place of romantic importance. One from Yellowstone. Others picked up in the Grand Canyon, on Cape Cod or the Blue Ridge Mountains. Humans place importance on the most unusual things. And, not just importance – value.
I have a piece of coal about half the size of a little toe. Realistically, it has a tangible value of probably 1/1000th of a cent. Maybe less. Doesn’t matter. I paid $30 for it. When I show it to people they are fascinated. They just stare at it and ask to touch or hold it. The catch? It was retrieved from 13,000 feet beneath the ocean from the wreck of the Titanic.
One of the early expeditions brought up a load of scattered coal beside the doomed ship from the ocean floor some 2-1/2 miles down. Such pieces have been sold at traveling exhibits of artifacts from the Titanic for between $25 and $50. They can still be acquired with a signed certificate of authenticity at www.thetitanicstore.com.
Paper is another matter. Essentially, it’s universally worthless. Newspapers are a great example. Often used to start fires or line bird cages, older editions, such as those from the 1700s during Revolutionary times are coveted collectibles. Any that survive from the time of the Civil War are rarer still. That’s because the earliest newspapers from the colonial era were made from paper with cotton fibers that survived over time. By the late-1800s, paper in newspapers had a high acid content making it quickly brittle. Consequently, few newspapers from that later era survive today.
Other paper items humans covet such as envelopes are equally idiosyncratic. When we get a letter, we pitch the envelope. It did its job so it’s worthless. That is, unless it has a rare stamp on it. Better still, what if it was carried by Pony Express riders between April 1860 and October 1861. Surviving envelopes bearing Pony Express stamps and/or markings can sell for well over $10,000. (One sent on the first day of the Express sold 10 years ago for almost $500,000.)
There are estimated to be around 250 still existing envelopes known to have been carried by the Pony Express. Of course, it’s entirely probable there are more out there just waiting to be found.
Now, imagine if wild animals had the capacity to fathom what we were doing, how stumped they would be at the concept of the paper money we carry and trade daily. Each of those colorfully printed slips of paper have, for humans, quantifiable and actual value. It all started in China.
Over 1,000 years ago, copper, silver and gold coins/tokens used in trade became overly heavy for Chinese traveling merchants to lug around in bulky quantities. Consequently, some would leave large caches of heavy coins in a trusted place. In exchange for goods, people would be given a piece of paper – a promissory note – stating how much of that deposit they then owned or were due. Without realizing it, the concept of paper money had accidentally been created.
Though virtual payments and credit cards have become the dominant medium of trade, globally, cash is still king. As such, people are fascinated by a 100 trillion dollar note issued by hyper-inflation Zimbabwe in 2006. One of the more curious aspects is that printed on the unassuming little bill were the words “I promise to pay the bearer on demand, one hundred trillion dollars.” It was signed by “Dr. G. Gono. Governor.” It wasn’t the government promising but Dr. Gono. Who in the world would ever personally guarantee such a thing?
Curious as the bill may be, that’s about all it is – a curiosity. Zimbabwe currency was remonetized years ago making the bill an amusing collectible with a current collector value of about $5.00 – if that. So, I suppose Dr. Gono is off-the-hook. Still, it’s a fascinating reminder and lesson about the effects of inflation and what never to promise!
For more collecting information and advice, log on to: http://prexford.com/.